Full Service Accounting Automation and Outsourcing for the Restaurant Industry
IQ BackOffice offers full service accounting outsourcing to restaurant and hospitality companies. Savings up to 68% – improved quality and internal controls
Restaurants and Hospitality
Restaurants and Hospitality
Serve yourself state-of-the-art technology, back office savings and better controls
IQ BackOffice offers complete back office outsourced accounting services to restaurant and hospitality companies worldwide, from Accounts Payable through all back office processes including Sales Audit, Managed Payroll, Accounts Receivable, General Accounting and a full accounting systems infrastructure.
“For one of the largest restaurant chains in the USA with over 220 locations, we automated their AP process utilizing our proprietary IQR technology to digitize, automatically code and electronically route for approval all of their invoices, developed an AR process to reconcile charges and revenues from third party delivery companies, implemented controls around paid- outs and streamlined the fundraiser process, automated allocations and reconciled most of their balance sheet accounts, freeing up the accounting team to focus on higher value- added activities.”
We recognize the unique challenges facing this industry, including receiving invoices at many geographically diverse locations, payrolls with high turnover, large amounts of cash, credit card payments and numerous fixed assets. IQ Backoffice Accounting Services for Restaurants
IQ BackOffice’s deep industry expertise has allowed us to construct solutions to fit the unique needs of the restaurant and hospitality industries
Our Accounts Payable solution uses our proprietary IQR technology to turn all of your vendors’ invoices into digital transactions in real-time, while automatically coding them, routing them electronically for approval, allowing credits to be taken at time of approval and full integration into your back-of-house software for correct up-to-date inventory. This results in:
- Ensuring all credits are taken
- Elimination of lost/missing invoices
- Less manager time spent on back office tasks
- All invoices and associated data at your fingertips in real-time
- Cost savings of up to 70%
Our full service accounting solution either leverages your current infrastructure or uses our Sage Intacct solution to provide cloud-based accounting. Combined with our best practices and financial process automation, restaurants and hospitality clients gain a state-of-the-art back office infrastructure including:
- Accounts Payable
- Accounts Receivable
- Managed Payroll
- Sales Audit
- Reconciliations Including 3rd-Party Delivery
- General Accounting
- Fixed Assets
- Taxes and Licenses
- Financial Reporting with Drill-Down Capability
“For one of the largest Denny’s franchisees in the USA, we implemented our complete full service accounting solution, taking them from an antiquated set of back office systems to a full cloud infrastructure, while implementing best practice processes to take advantage of the new software and reengineered processes. The client was able to reduce the time it took to generate financial reports, give their managers real-time information, and cut their costs by over 50%.”
The Companies We Keep
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Play Video about IQ BackOffice - Hair Cuttery Testimonial video
IQ BackOffice partnered with Hair Cuttery in their acquisition of one of the largest chains of hair salons in the country with over 500 stores. IQ designed and implemented an entire state-of-the-art back office infrastructure in 30 days including a new accounting system, EDI systems, payroll platforms for over 7,000 employees as well as all of the associated business processes and reporting. IQ saved Hair Cuttery over 80%, while providing best practice financial business processes and technology and excellent quality and services.
We can't brag on the support we have received from IQ Backoffice enough. - I can't imagine having to go back to a paper-based workflow now that we've had this electronic approval process. Our IQ Backoffice Support Team is always responsive to our requests. We don't tell them enough how much we appreciate the support they give us. We find their value for the cost of the services is far above average and would recommend IQ BackOffice. What we value most about IQ BackOffice's services is the Archimedes workflow, accuracy and service quality, accessibility to staff, and scalability.
IQ BackOffice is an amazing partner to Opendoor Labs. We receive large quantities of paper invoices from Utilities and Home Owners Associations with critical short turnaround timelines and IQ’s accurate and rapid processing is critical to our ability to pay our bills on time. Valuable Bay Area resources no longer had to spend time dealing with paper and now can just leverage the useful spend metrics we have at our fingertips to perform the strategic high-value tasks they were hired to do.
IQ BackOffice helped give us better control and transparency to help us manage our business while significantly cutting our costs. They have exceeded our expectations and positioned us to scale for growth.
We sought to outsource in order to reduce costs and automate our processes. IQ's team provides us with a huge cost savings. We love the procedures and rigorous controls that go above standard accounting controls. We also love the additional accounting oversight of our dedicated IQ team.
IQ BackOffice is the most valuable vendor partner that I have onboarded at both my present and previous companies. The value of the soft cost benefits we achieved by working with IQ outweigh the significant hard cost savings achieved such as increased transparency and visibility, stronger compliance, easy accessibility to historical transactions and information, and reduced workforce frustration. We are regularly discovering additional back office processes that can be more efficiently and cost effectively handled by IQ.
IQ BackOffice's Archimedes solution provides us with centralized approval workflows and visibility across activity at Mina Group restaurants all over the US. And their Streamlinea solution for centralized web-based disbursements is amazing. We love that everything is paperless. Working with IQ allows me to remove myself from the day to day processing and focus on analytical work which allows me to add more value to the organization. On top of that, IQ is very professional and easy to work with. Starting during the sales process and as a client they take a very consultative approach really considering what your organization needs.
We needed automation and workflow and Archimedes provides audit trails, visibility and controls. We were also interested in upgrading our ERP. IQ assisted us with our software selection and, as a Sage Intacct Accounting Partner, has an in-house support team to assist us with the system including supporting integration with our other systems and writing custom reports.
Since 2011, IQ has been the best service we have ever discovered!!! Acting as a AP Department for us, we have never had an issue in getting all of our MILLION Invoices paid. With the approval process and checks and balances that IQ provides, on top of the quick turnaround response, it is like having an AP Department within your office! If you are a small company or a Billion Dollar Company as ours, IQ makes the AP process easy and seamless.
After our payroll manager left, we decided it would be best to hire a professional firm to handle our payroll instead of trying to find and keep a competent payroll staff. We have been very happy with the service provided by IQ BackOffice.
IQ provides an excellent balance between leveraging technology and people to efficiently and effectively achieve our goals. Many companies try to acquire technology to simply automate an already weak process. IQ BackOffice makes your rethink everything so that you automate new, best practice processes which then flow through to benefit all aspects of the business.
They are genuinely nice people and we have had incredible continuity in the team which is rare for service providers. They are not owned by a giant multinational and the attention paid to clients and the flexibility in of their solutions really shows that.
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Why IQ BackOffice?
Our experienced team of implementation and processing experts will ensure you have the right tools to succeed. Through our accounting services and our partnerships with electronic payment solution providers, IQ BackOffice can help make even the most established restaurant processes more efficient and turn your accounting costs into real savings.
Restaurant Financial Benchmarking
IQ BackOffice Financial Benchmarking allows restaurant operators to save money, make better real-time decisions and have stronger financial controls.
Restaurant Industry Operations under Growing Pressure to Balance Labor Costs, Big Data and Profits
Restaurant operations will require the efficient management of a changing labor market, narrowing margins and growing regulatory pressures.
IQ BackOffice provides Denny’s operators with timely and accurate controls and financial statements as well as key benchmarks. Learn more about IQ BackOffice and our work with Denny’s.
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IQ BackOffice works with leading global companies which include the world’s largest steel manufacturer, the largest technology and entertainment conglomerate, large retailers and restaurant chains across thousands of stores and e-commerce sites. Other major clients include distribution, energy, healthcare, real estate, and financial services companies.
Let's talk!
We would like to hear from you! If you have a question or comment about our Business Process Outsourcing services, or you’d like an IQ BackOffice representative to contact you, please use the form below. We’ll also send you a link to our Corporate Brochure.